TraderDesk wrote:

cmeade2 wrote:OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

cmeade2 wrote:Hi Trader

Thanks for your comments. After some deliberation, it seems that you have to be careful with your pendings before NFP. In this case, just before the data release, all of the potential 10.4 trades were on the wrong side of the MA 5 shift 1, though they had touched it (i.e., you might have gotten in with a regular pending order). Coming up to the release, it seems the correct thing to do would be to place pendings on the other side of the MA 5/1 in case the trend takes off in the 10.4 direction. In this case, however, none of the trades would have been hit.

cmeade2

TraderDesk wrote:

cmeade2 wrote:OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

TraderDesk wrote:

cmeade2 wrote:OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

nanningbob wrote:Dang aud, gbp and euro where in the world. UP DOWN What a day. You want excitement, you got it.

19 wins 13 losers for the day. +120 Im done. See ya.

Chris wrote:

TraderDesk wrote:

cmeade2 wrote:OK here's another good example (EurNzd). The primary difference here however is that the price is below the WP and there seem to be good entries, which obviously didn't work out.

What's the right way to read this chart

cmeade2

Hi cmeade2,

In my case I had the EUR/NZD setup shown as a sell. I had a sellstop at around 1.5259 IF price action went back down. I also opened one in the morning near the WP but I had a hard stop a bit higher then that. You could also had a S/L at the 240ma as well but in these conditions I decided to be at the action and close out quickly if needed which I did...

I don't trade 10.4 with specific rules in granite but more as a guideline and use my trading experience to pull the trigger... In 10.4 I do respect the 240ma very much and I also like the STO indi (other traders use the RSI or both)...

But that is me and my interpretation of 10.4...

TD is right. Unfortunately we cannot win them all. I should have gone with my gut last night and laid low. After having such a good day with the JPY that is usually a sign to take a step back and let things settle out. Bob seems to be very good at reading both the technical s and the fundamentals. I think most of us are very good at the technical s but not the fundamentals and that is where we get burned. I have complete faith that there will be some excellent trading in the weeks to come with the JPY, as for the others looks like we need to let them decide which way they want to go for now. I did take a few stop outs today but I know we can get it back if we stick to the plan. I think there is no replacement for experience and that is what I still lack, especially when it comes to fundamentals.

Chris wrote:

nanningbob wrote:Dang aud, gbp and euro where in the world. UP DOWN What a day. You want excitement, you got it.

19 wins 13 losers for the day. +120 Im done. See ya.

Bob,
Can you help us rookies understand what your method was for pulling out on the positive side today? You have had a phenomenal week.